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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net loss $ (21,980) $ (276)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock-based compensation 509 797
Bad debt expense 58 7
Depreciation and amortization of property and equipment 3,189 2,570
Amortization of intangible assets 2,271 1,833
Amortization of debt discount 74 91
Non-cash operating lease (benefit) expense (30) 22
Loss on sale of property and equipment 29 0
Deferred income taxes (5,032) 0
Change in fair value of warrant liabilities 0 (856)
Impairment charges 0 538
Changes in operating assets and liabilities:    
Receivables (4,608) (3,359)
Inventories 109,442 (33,650)
Prepaid expenses and other 1,193 (2,766)
Income tax receivable/payable (1,612) (146)
Other assets (333) (603)
Accounts payable, accrued expenses and other current liabilities (2,930) 6,966
Total adjustments 102,220 (28,556)
Net cash provided by (used in) operating activities 80,240 (28,832)
Investing Activities    
Cash paid for acquisitions, net of cash received 0 (19,730)
Proceeds from sales of property and equipment 0 22
Purchases of property and equipment (8,765) (13,936)
Net cash used in investing activities (8,765) (33,644)
Financing Activities    
Net repayments under M&T bank floor plan (89,016) (6,495)
Borrowings under revolving line of credit 0 30,000
Principal payments on long-term debt and finance liabilities (1,176) (12,747)
Proceeds from issuance of long-term debt and finance liabilities 0 1,384
Loan issuance costs (18) (821)
Payment of dividends on Series A preferred stock 0 (1,184)
Repurchase of Treasury Stock 0 (109)
Proceeds from exercise of warrants 0 30,543
Proceeds from exercise of stock options 0 645
Disgorgement of short-swing profits 0 622
Net cash (used in) provided by financing activities (90,210) 41,838
Net decrease in cash (18,735) (20,638)
Cash, beginning of period 58,085 61,687
Cash, end of period 39,350 41,049
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 9,205 5,144
Cash paid during the period for income taxes net of refunds received 55 2
Cash paid for amounts included in the measurement of lease liability:    
Operating cash outflows from operating leases 1,773 1,630
Right-of use assets obtained in exchange for lease liabilities:    
Operating leases 0 142
Dividends accrued on Series A Preferred Stock 1,984 1,184
Decrease in PIPE warrant liability due to expiration of warrants $ 0 $ 50